StorageTek (Storage Technology Corporation), announced that the European Commission has approved Sun Microsystems’ acquisition of StorageTek without conditions. The EC’s decision follows its customary investigation into the competitive effects of the acquisition.
The waiting period for the proposed acquisition under the U.S.
Hart-Scott-Rodino Antitrust Improvements Act expired in July, and StorageTek stockholders will vote on the proposed acquisition on Tuesday, August 30, 2005, at a special shareholder meeting in New York City. Under the terms of the acquisition agreement, StorageTek stockholders would receive $37.00 cash for each share of StorageTek common stock.
Subject to the approval of StorageTek’s stockholders and satisfaction of other closing conditions, the acquisition is expected to close on August 31, 2005.